WDH Gains as Goldman Says Shares Undervalued: Copenhagen Mover

March 11 (Bloomberg) -- William Demant Holding A/S rose to
its highest price in more than two weeks in Copenhagen trading
after Goldman Sachs Group Inc. said shares in Denmark’s biggest
hearing-aid maker are undervalued.

WDH gained as much as 1.9 percent to 487 kroner, the
highest since Feb. 21. The stock added 1.8 percent to 486.50
kroner at 9:15 a.m. in the Danish capital, with trading volume
at 43 percent of the three-month daily average.

WDH, which last month reported sales and profit that missed
analyst estimates, had before today lost 1.2 percent of its 2012
market value. That compares with a 28 percent jump for its
biggest Danish rival GN Store Nord A/S and an 11 percent
increase in the Nasdaq OMX Copenhagen 20 index in the same
period. In a note distributed today, Goldman raised its
recommendation on WDH’s stock to buy from neutral.

“We believe that the stock’s recent underperformance has
created an attractive entry point,” Veronika Dubajova said in
the note.

The Smoerum, Denmark-based company on Feb. 26 reported 2012
revenue of 8.56 billion kroner ($1.49 billion), missing the
average estimate of 8.66 billion kroner in an analyst survey.
Net income fell to 1.15 billion kroner, missing the estimate of
1.19 billion kroner.